Is Leasing a New Car Right for You?

August 31, 2017 By SBDPro editor

Financing is not your only option for getting behind the wheel of the latest model release. Leasing a vehicle is also available. Like traditional financing, leasing a vehicle requires monthly payments, but the pros and cons are quite different.

By leasing, the car is never actually yours; it still belongs to the dealership. However, you are free to use the vehicle as you please while it’s in your possession.

Pros to leasing a vehicle include:

Full warranty. Maintenance issues are the responsibility of the dealership under a lease.

Lower down payment. Leased vehicles often require a lower down payment and lower monthly payments.

Great for business. Leased vehicles used solely for business can earn tax deductions.

Leased vehicles do have cons, too – namely limits on the amount of miles you are allowed to drive and returning the vehicle at the end of the lease.